At National Lending Link, we are experts when it comes to mortgages. Let us determine what works best for you when it comes to your next mortgage. We first start by analyzing how your mortgage was registered and then we present to you options. Generally, there are 2 types of registrations: standard charge and collateral charge. This article today is about the difference between the two. Choosing the right mortgage can be overwhelming, that is why we urge you to contact us today if you feel like you have any questions.
Now, let’s start with collateral charge as it is more complicated….
A collateral charge mortgage occurs when you decide to transfer mortgages. Now a days, more banks are going with this option as they want to retain more of their mortgage applicants. There are legal fees that are typically up to $1,000 if you choose to transfer. At National Lending Link, we are here to advise you of situations as this and for the future outcome of your mortgage. So, please do not hesitate to pick up the phone and give us a call today to find out the best options for you.
The other registration type is the standard charge.
The standard charge is the most common mortgage registration that does not incur transfer or renewal fees. This is definitely the better option when it comes to registering to your registering for your next mortgage with other providers. At our brokerage in Richmond Hill, we are here to calculate and present to you the best options available when it comes to transferring to your next mortgage. We have decades of experience in the industry, so if you feel like you need help when it comes to your second mortgage, please pick up the phone and give us a call to hear what our mortgage experts have to say.